How Much Is Medicare Part B?
How much is Medicare Part B? For most people enrolling in 2019, $135.50, much more detail below. I, however, like to do things in order, so let’s start with how much is Medicare Part A…
First off, your Part A isn’t “Free”. You paid for that coverage with Medicare withholding taxes during your career. As long as you paid these Medicare withholding taxes for 40 quarters over your career, then your Part A has already been paid for. If you paid Medicare taxes for less than 30 quarters, the standard Part A premium is $413. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $227.
You pay a premium each month for Part B. If you get Social Security, Railroad Retirement Board, or Office of Personnel Management benefits, your Part B premium will be automatically deducted from your benefit payment. If you don’t get these benefit payments, you’ll get a bill.
Most people will pay the standard premium amount. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
The standard Part B premium amount in 2019 is $135.50 (or higher depending on your income). However, most people who get Social Security benefits pay less than this amount. This is because the Part B premium increased more than the cost-of-living increase for 2017 Social Security benefits. If you pay your Part B premium through your monthly Social Security benefit, you’ll pay less ($109 on average). Social Security will tell you the exact amount you’ll pay for Part B in 2019. You’ll pay the standard premium amount (or higher) if:
- You enroll in Part B for the first time in 2019.
- You don’t get Social Security benefits.
- You’re directly billed for your Part B premiums (meaning they aren’t taken out of your Social Security benefits).
- You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $135.50.)
- Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount. If so, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
If you’re in 1 of these 5 groups, here’s what you’ll pay:
|If your yearly income in 2017 was||You pay (in 2019)|
|File individual tax return||File joint tax return||File married & separate tax return|
|$85,000 or less||$170,000 or less||$85,000 or less||$135.50|
|above $85,000 up to $107,000||above $170,000 up to $214,000||Not applicable||$189.60|
|above $107,000 up to $133,500||above $214,000 up to $267,000||Not applicable||$270.90|
|above $133,500 up to $160,000||above $267,000 up to $320,000||Not applicable||$352.20|
|above $160,000 up to $500,000||above $320,000 up to $750,000||above $85,000 up to $415,000||$433.40|
|above $500,000||above $750,000||above $415,000||$460.50|
Medicare Part C, also known as Medicare Advantage. Part C pricing is dictated by the insurance companies that sell it. Many Part C plans are $0 per month. Anyone interested in buying Part C should be well educated on Medicare Advantage vs Medigap. Lucky for you, we have an article on how to choose between the two.
You pay $185 per year for your Part B deductible in 2019. After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and durable medical equipment. This is assuming you don’t have a Medicare Supplement. With Plan F, you would pay neither the $185 nor the 20% and with Plan G, you would pay only the $185, still not the 20%.